Marathon Petroleum clears $1B in profit during Q2
Monday, August 5, 2019
Marathon Petroleum Corp.’s second-quarter profits were up almost 5% from a year ago, clearing $1 billion, according to The Massillon Independent.
The profit was equal to $1.66 per diluted share, according to a company press release. Additionally, the company’s midstream revenue was up 4 percent from the same quarter last year to $878 million, while revenue from the refining and marketing sector dropped 12 percent to $906 million.
Marathon owns a refinery in Canton and midstream assets in the Utica Shale.
Learn more: The Massillon Independent > Marathon Petroleum posts $1B profit
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.